Baring acquires 'substantial' stake in InfrasoftTech at Rs 100 cr

Mumbai, July 11 (UNI) InfrasoftTech Technologies Limited (ITL), a Mumbai based global company, focused on providing financial software products, here today announced that Baring India Private Equity Partners (BPEP) has acquired substaintial stake in it with an initial investment of Rs 100 crore.

Making an announcement in the presence of Rahul Bhasin, Managing Partner, BPEP, ITL's Managing Director Hanuman Tripathi told a news conference that the investments made by BPEP would be utilised for proposed expansion plans of ITL including infrastructure development, acquisitions and enhancing systems within next two years.

''The ITL has identified five companies in the overseas and it may acquire at least one within next six months,'' Mr Tripathi said adding that ITL will grow from Rs 100 crore to Rs 100 million U S Dollars company in next two years. The company will also enhance its manpower from 500 to 2000 by the time.

Both Mr Tripathi and Bhasin did not disclose the size of the stake, but informed that it was a 'substaintial stake'.

''The Rs 100 crore investment the BPEP has made in ITL will be an initial investment and it may bring more funds as and when required,'' Mr Bhasin said on the occasion.

To begin with at least three directors from BPEP will join the Board of the InfrasoftTech, Mr Tripathi said.

ITL has specialised in products like Anti Money Laundering solution, Wealth Management, Islamic Finance and Anti Money Laundering. It had a strong presence in UK, Europe, Middle East, South East Asia, Africa and Asia besides a large number of customer base among the Small and Medium Size Bank and financial institutions in India, Mr Tripathi said.

According to him, BPEPs investment will help them in strenghening their existing base and new opening.

Mr Tripathi ruled out immediate fund raising by ITL through an Initial Public Offer (IPO), but said he was hopeful of second round of investment by BPEP after next two years. The company may access the capital market only after the second round of investment.

UNI